Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) made a strong statement on diamond sustainability and global collaboration at the 28th St. Petersburg International Economic Forum (SPIEF) held in Russia on 19 June. Representing India at the forum were Mr. Kirit Bhansali, Chairman, GJEPC; and Mr. Ajesh Mehta, Convener, Diamond Panel, GJEPC. The GJEPC delegation also met Mr. Pavel Marinychev, CEO of ALROSA, to explore avenues for deeper cooperation between the Indian and Russian diamond sectors.
Mr. Bhansali was a featured speaker at the roundable titled ‘The Evolution of Conscious Consumption: Emerging Trends in the Global Diamond Market, where industry leaders discussed carbon neutrality, ethical sourcing, and future market trends. In his address, Mr. Bhansali congratulated ALROSA for achieving a carbon neutrality certification from TUV AUSTRIA for its rough diamonds. “This is a big achievement. It demonstrates the company’s strong commitment to sustainability and environmental stewardship,” he said.
Highlighting India’s growing role not just as a supplier but as a consumer of diamonds, he noted, “India’s diamond and jewellery consumption stands at $85 billion, with $8.5 billion from diamonds alone. By 2030, this figure is set to double to over $17 billion, making India a major diamond jewellery consuming market.”
He noted that global consumption patterns are shifting rapidly, driven by millennial and Gen Z consumers who expect transparency and accountability from the brands they support. “Positioning natural diamonds as carbon-conscious luxury-highlighting their environmental value and ability to capture carbon-will help distinguish them from lab-grown alternatives and support category growth,” he said.
Mr. Bhansali pointed to the broader contributions of the natural diamond industry, stating, “India’s diamond sector supports over a million jobs, strengthens families, builds communities, and significantly contributes to our export economy. These social and economic benefits must be recognised as part of the industry’s sustainability story.”
On the marketing front, he reinforced GJEPC’s long-standing support for promoting natural diamonds. “Industry marketing funds should inform consumers about how diamonds are doing good-not just economically, but environmentally too,” he said Mr. Bhansali concluded with a thought-provoking message: “The value of a diamond has always been defined by the 4 Cs-Cut, Clarity, Colour, and Carat. But today, a fifth ‘C’ is rising: “Carbon Neutral’. Sustainability is fast becoming a new standard of value. Maybe it’s time the world accepts ‘Carbon Neutral’ as the new C in diamonds.”
The results of this research formed a basis for the carbon footprint analysis of ALROSA products—natural diamonds. Following the results of this work, ALROSA received an internationally recognized verification certificate confirming the carbon neutrality of diamonds and their negative carbon footprint, which in 2024 amounted to a “negative” 0.71 kg CO2-eq per 1 carat. Taking into consideration that ALROSA’s production volume accounts for some 30% of the global diamond mining, experts are convinced this will increase natural diamonds’ attractiveness around the world.
